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The Caixin China Manufacturing PMI has been released as follows.

Caixin China Manufacturing PMI

CHINA CAIXIN/IHS MARKIT OCTOBER MANUFACTURING PMI AT 53.6 (VS 53.0 IN SEPTEMBER)

Activity in China’s factory sector accelerated at the fastest pace in nearly a decade in October as domestic demand surged, a private business survey showed on Monday, adding further momentum to an economy that is quickly recovering from the coronavirus crisis.

The Caixin/Markit Manufacturing Purchasing Managers’ Index(PMI) rose to 53.6 from September’s 53.0, with the gauge staying above the 50-level that separates growth from contraction for the sixth consecutive month.

Analysts polled by Reuters had forecast the headline reading would remain steady at 53.0.

China’s vast industrial sector is steadily returning to the levels seen before the pandemic paralysed huge swathes of the economy early this year, though the global outlook is dimming as many Western countries battle still rising COVID-19 infections and go back into virus lockdowns.

October’s PMI reading was the highest since January 2011.

Pent-up demand, stimulus-driven infrastructure and surprisingly resilient exports have propelled the manufacturing rebound. Consumption, although hit hard earlier in the year, has also recovered in the third quarter.

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Description of the Caixin China Manufacturing PMI

The Caixin China Manufacturing PMI™, released by Markit Economics, is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private manufacturing sector companies.